BP Money-Trust Fund

3:56 pm

Wed March 13, 2013

Bill To Repay Trust Fund Moves To Senate Floor

The Ala. Senate will debate a bill that would use BP settlement money from the 2010 Gulf Oil Spill to repay the Ala. Trust Fund.

Credit The Associated Press

Although it's unclear how much money Alabama may gain from the BP settlement, state lawmakers are making plans on how to use it.

A proposal passed Wednesday to allow the full Senate to debate using funds from BP oil spill lawsuits to repay the Alabama Trust Fund.

The Senate Committee for Finance and Taxation-General Fund voted 7-1 in favor of the measure. If passed, the measure would restore financing to the Rainy Day Fund.

It would also repay money the Legislature borrowed from the Trust Fund. Senator Trip Pittman of Baldwin County requested 10 percent of the money collected be used to fund the Strengthen Alabama Homes Act, which helps homeowners secure their property against wind damage. Pittman cast the lone dissenting vote when his request was not included.